Daniel Wolfram
Howard Lutnick seems to have taken advantage of Trump 2.0.
When Howard Lutnick was confirmed as the United States Secretary of Commerce on February 25, 2025, he was touted as a businessman of great resilience.
Lutnick and President Donald Trump have known each other from their early days in and around the financial world of New York.
As reported here at Dagens.com, there have been a lot of allegations of corruption and people close to Trump enriching themselves. Lutnick is the latest example.
A dynamic force
Howard Lutnick built a reputation over decades as one of the fiercest figures in high finance.
President Donald Trump previously praised the Commerce Secretary as “the embodiment of resilience in the face of unspeakable tragedy” when nominating him. Trump also called him “a dynamic force on Wall Street for more than 30 years.”
That public praise stems largely from his actions following the September 11 attacks. Lutnick’s company, Cantor Fitzgerald, lost 658 out of 960 employees in the World Trade Center towers, including Lutnick’s brother and best friend.
From beloved to the most hated
Lutnick still managed to rebuild his empire, even expanding his workforce to 12,000 employees, and launch a massive relief fund for grieving families affected by 9/11.
Yet inside the financial industry, his legacy looks a lot different. A former business partner once told Forbes that Lutnick was “the most hated guy on Wall Street.”
That negative reputation came from years of tough internal battles. Former colleagues point to restrictive partnership contracts running hundreds of pages that gave him power to hold back payouts. Forbes noted that a 2023 lawsuit alleged roughly 40 percent of departing partners left without receiving all their money.
Billions in revenue after joining the White House
Even his early mentor, Bernie Cantor, after whom the company is named, fell out of favor with Lutnick.
When Cantor’s health deteriorated, Lutnick activated a committee to gain sole control of the company. The move was so bitter that Cantor’s widow later barred Lutnick from visiting her late husband’s gravesite.
Since stepping into public office, his personal fortune has skyrocketed. According to Forbes estimates, the Lutnick family wealth more than doubled to nearly $7.3 billion.
Before joining the administration, Lutnick handed control of his firm’s trusts to his son Brandon. He also sold back corporate shares, netting $190 million in payouts according to federal disclosures.
His move into government is the result of a long and fortuitous relationship with President Trump.
The two men have known each other for years, sharing personal and business links that included appearances on Trump’s reality television show The Celebrity Apprentice and real estate deals.
